February 25, 2024

The Growing Medical Device Connectivity Market Is Driven By Increasing Demand For Data Interoperability And Integration

The medical device connectivity market plays a vital role in linking medical devices to hospital networks to facilitate data collection and sharing across patient care teams and health information systems. Medical device connectivity allows for monitoring patients remotely and enhancing productivity by automating tasks like patient rounding. Connected medical devices help reduce manual documentation efforts and enable efficient clinical workflow. Growing emphasis on improving patient care quality and safety through integrated healthcare delivery is a key factor driving the use of connected medical technologies.

The global Medical Device Connectivity Market is estimated to be valued at US$ 3.2 Billion in 2023 and is expected to exhibit a CAGR Of 14% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing need for reliable and interoperable connectivity within hospital environments is a major trend shaping the medical device connectivity market. Growing adoption of electronic health records and patient data integration initiatives by healthcare facilities necessitate robust connectivity standards and solutions. Continued technology advancement like 5G networks, edge computing and artificial intelligence are also boosting medical connectivity capabilities. Security and privacy concerns around clinical device integration continue to be addressed through evolving cybersecurity best practices and regulatory standards. Emerging applications centered around telehealth, remote patient monitoring and home healthcare are expanding the potential scope of medical device connectivity solutions.

 

Porter’s Analysis

 

Threat of new entrants: The medical device connectivity industry requires significant investments in R&D as well as manufacturing facilities which create high entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power as there are a few major players operating in the market however availability of substitutes provide buyers options.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and differentiation in products.

Threat of new substitutes: Threat of substitutes is moderate as other options are available for device connectivity.

Competitive rivalry: The market is moderately competitive due to presence of major players.

Key Takeaways

The Global Medical Device Connectivity Market Demand is expected to witness high growth.

North America region currently dominates the market due to presence of majority key players and higher technology adoption. Growing need for integration of medical devices and patient data for better health management will boost market in Asia Pacific region during forecast period.

Key players operating in the medical device connectivity market are Capsule Tech Inc, Cerner Corporation, Digi International, Cisco Systems Inc., Infosys, Medtronic Plc, Cisco Systems Inc., TE Connectivity, and Lantronix. Capsule Tech focuses on device connectivity solutions for clinical surveillance, therapy management, and informatics integration. Cerner Corporation offers device integration solutions that enhance clinical decision making and improve patient outcomes.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it